Ohio gas prices fall ahead of Christmas holiday


Ohio daily average price per gallon of gasoline

Daily average prices paid at the pump for a gallon of regular gasoline in Ohio from January 1, 2008, until Monday, Dec. 21, 2015.

For the first time since 2009, the national average for a gallon of regular gasoline has fallen below $2 to $1.99 at the pump, according to travel club AAA.

Gas prices normally fall in early winter, but an abundance of oil globally is also contributing to the drop. U.S. supplies of commercial crude oil are about 29 percent higher than a year ago, according to information from the Energy Information Administration cited by AAA.

Ohioans are getting an early Christmas present by filling up Monday for about 10 cents less than a week ago and 40 cents less than a year ago. Monday’s average pump price statewide was $1.81.

In the Greater Cincinnati region, the average price for regular is also approximately $1.81, but Dayton and Springfield-area motorists are enjoying an even lower price of about $1.79, according to AAA.

Low gas prices are one reason estimates call for the number of year-end holiday travelers to pass over 100 million for the first time nationally, beginning Wednesday and until Jan. 2, also according to AAA.

Even though the national average has dropped below $2 for the first time in years, gas prices already fell below $2 in Ohio for the first time since 2009 during the final days of 2014.

“It’s likely that gasoline prices will eventually decline even further into early January as demand bottoms out, but, eventually the party comes to an end,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com, in a written statement.

“That’s because demand will begin to climb approaching the spring, as well as federal regulations that require refineries to shift from winter-blend gasoline to summer blend. Refinery maintenance also leads to capacity going offline- capacity that is relied boost supply just as demand is rising,” DeHaan said.

AAA conducts a daily survey of 120,000 gas stations in partnership with Oil Price Information Service and WEX Inc.

About the Author